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Deliveroo has eclipsed other fast growing firms (Source: Getty)

Lynsey Barber

Deliveroo has been crowned the fastest growing tech company in the UK, notching up the biggest upward trajectory of any top tech business in the last two decades.

The food delivery startup has topped Deloitte's annual Fast 50 list of the fastest growing technology firm, now in its 20th year, recording an unprecedented growth rate of 107,117 per cent over the past four years.

“The achievements of this year’s winner are truly remarkable: Deliveroo is now the fastest-growing technology company in the history of the competition," said lead partner for the Fast 50 programme David Cobb.

"Their relentless growth has justifiably added them to the exclusive list of UK ‘unicorns’. Everyone wants a slice of the online takeaway business, but very few have found success in the same way that Deliveroo has.”

In second place was another delivery startup, but swapping food for flowers. Bloom & Wild notched up impressive growth of 13,818 per cent. And MoveGB, which offers users access to thousands of fitness classes at different places via a single membership, made it into the top three, growing at a rate of 6,053 per cent.

“The evolution of the UK Technology Fast 50 over the past 20 years demonstrates that there is no single secret formula for success," said Cobb.

“Yet, while much has changed over two decades, many of the characteristics that makes a Fast 50 winner remain. Winners tend to be those that have spotted, and capitalised on, market opportunities for tech-enabled growth in new and existing sectors. And when looking across all of the 662 unique winners over the last twenty years, it is easy to see that having a great product or service, knowing your customer and employing excellent staff are the common ingredients to help ensure fast-pace growth.”

A survey of nearly 150 of Fast 50 entrants found 60 per cent of the chief executives had founded a company prior to their current endeavour or been part of a founding team.

Other top performers were Smarkets, the fastest growing fintech at a rate of 5,390 per cent, and fourth overall along with Brainlabs, which grew 1,913 per cent. It was the highest ranked firm in the media and entertainment sector and tenth overall.